Wataniya Airways losses hit $50m

Kuwait, March 24, 2011

Wataniya had a net loss of 14.1 million dinars ($50.85 million) in 2010, compared with a losses of 10.9 million dinars a year earlier, it said in a statement on Thursday.

Last week, Wataniya said it was stopping operations due to its financial situation and regional unrest, and also blamed a "lack of fair trade requirements in the local market" for its decision, without elaborating.

Wataniya's total assets came in at 78.4 million dinars in 2010, while shareholders equity was at 24.7 million dinars. - Reuters